“I want properties from 1988
to be covered under the Benami
Act. The money in foreign countries was reported from four
sources, including HSBC,
International Consortium of
Journalists and Panama Papers.

These details need documents.

Otherwise there is no proof.

“In cases of which we are
receiving details, we send
notices, assess their income tax
details and raise tax demand.

According to the law, criminal
proceedings are also carried out.

In HSBC and now in Panama
Papers, the proceedings will be
carried out. In some cases
details are received, in some it is
not. Lot of people claim NRI status, we will see if it is valid or
not. It is now a disincentive and
a risky business,” he said.

The finance minister was
replying to a debate on the
Supplementary Demand for
Grants for 2017-18 and the relevant Appropriation Bill.

He was replying to a query byan Opposition member aboutwhat the government was doingin the case of Panama Papersdisclosures.

After the minister’s reply, theHouse approved the first batchof Supplementary Demand forGrants for 2017-18, for an addi-tional expenditure of over $17million, and three appropria-tions.

On the Goods and ServicesTax (GST) which has completedone month of implementation,Jaitley said the incidence of taxwill be lower than the previousindirect tax regime once theinput tax credit is availed andthe prices will come down.

“The methodology of taxation has changed, in medium
and long term it will bring prices
down because of input chain
that is created. Currently cascading effect of taxation is
there.

“After input tax credit, the
weighted average of tax incidence is less than what it was
till June 30. My estimate is that
states’ will not run into losses
under GST and if they do we will
compensate them,” he said.

The finance minister said that
the GST Council is scheduled to
meet on Aug. 5 to finalize the
details of the anti-profiteering
mechanism.

“We were a non-tax compliant society. The trend is being
broken. We are meeting on Aug.

5. We will finalize the entire
mechanism of anti-profiteering
soon. We need to make a few
examples and everyone will fall
in line,” he said.

“The Council will meet once a
month. We did rate revisions
when required. More the revenues, the more the states will
get. States know this. More revenue for states means, more
money for infrastructure, education, health, etc.,” he added.

He said the switch-over to
GST was smooth overall and
minor glitches are rectifiable.

Jaitley also dismissed the
contention by some members
that GST would lead to payment
of more tax by consumers.

Referring to apprehensions by
Congress member from Kerala
who said that the state was
dependant on tourism for its
economy and the houseboat
industry would be affected,
Jaitley said that any levy of tax
would be passed on to the consumer and the houseboat owner
would not pay it. If somebody
can afford to stay at Rs 10,000,
he can as well pay Rs 1,000-

2,000 more.

“It is the consumer who pays
the tax. Up to Rs 20 lakh
turnover, there is no tax. If
turnover is up to Rs 75 lakh, and
if you are a trader then you have
to pay 1 per cent under composition scheme. Manufacturers will
have to pay 2 percent, restaurants will have to pay 5 percent.

There is no tax on prasad and
langar,” he said.

Touching upon the economy,
Jaitley said that this is the first
year in which the world economy is showing signs of slight
improvement.

He said that exports have
improved in India.

“Fiscal deficit has reached 3. 2
percent. Going ahead we will
bring it to 3 percent,” he said.

Amit Shah says a grand temple will be built in Ayodhya by hook or crook— LUCKNOWJP National PresidentAmit Shah last week saida grand Ram temple willbe constructed at Ayodhya,and the way for this will beeither through talks, mutualsettlement or through a courtverdict.

Addressing the media on the
last day of his three-day visit to
the Uttar Pradesh state capital
July 31, Shah said that construction of the Ram temple at
Ayodhya was very much part
of the Bharatiya Janata Party’s
(BJP) agenda.

He praised the working of
the Yogi Adityanath government in the state and said that
within three months of its
advent, a semblance of governance had come in the state
and people were noticing a perceptible change.

“It is a coincidence that as I
speak to you, three years of the
Narendra Modi government at
the Center and three months of
the Yogi Adityanath government in the state have been
completed,” the BJP chief said,
praising the functioning of
both the governments.

Shah ridiculed the media
speculation that senior
Samajwadi Party (SP) leader
and younger brother of
Mulayam Singh Yadav, Shivpal
Singh, was hitching himself to
the party bandwagon.

Accompanied by ChiefMinister Yogi Adityanath andDeputy Chief Minister andstate BJP chief Keshav PrasadMaurya, Shah also claimed thatwith his good governance,Shah also tried to put an endto speculation about Mauryathat he was being shifted to theCenter as a Union minister,saying that as soon as a stateparty chief was finalized,Maurya would devote full timeto the state government.

He also tried to trash theopposition charges that by din-ing at a Yadav worker’s houseon July 30, he was picking oncaste politics. “Sonu Yadav is aparty booth worker, and just asI go to eat at any other place, Iwent to his house and hadfood... No politics should beread in this,” he added.Shah also blamed the previ-ous Samajwadi Party andBahujan Samaj Party (BSP) gov-ernments in the state for themess in Uttar Pradesh and saidthat they had collectivelypresided over scams to thetune of Rs 12 lakh crore. “Thereis not one finger raised at us asthe government is workingwith transparency,” he added.With regard to PanamaPapers, the BJP chief said therewere no names from his partyin those leaks, and in any case,the Special Investigation Teamwas probing the PanamaPapers leaks.

Shah said that the Union
government, apart from the
funds allocated to Uttar
Pradesh, had opened its coffers
for the state to develop and
prosper.